United

Bitcoin

Silk Road

Million

RedStone

A cryptocurrency wallet associated with the German government transferred over 3,000 Bitcoin, valued at more than $172 million, to various crypto exchanges and a separate wallet.
On July 4, blockchain investigator <a href="https://alert.peckshield.com/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">PeckShieldAlert</a> reported a substantial outbound transfer of 1,300 Bitcoin from a wallet labeled as belonging to the “German Government (BKA).”
These Bitcoin, worth $75 million, were distributed among three major crypto exchanges: Coinbase, Kraken, and Bitstamp.
Further investigation by Cointelegraph revealed that the German government wallet also transferred an additional 1,700 BTC to a different wallet address simultaneously.
The PeckShield team later confirmed this to Cointelegraph, stating:
“Total 3K out (from German gov’t labeled wallet), including 1.3K -&gt; CEXs and 1.7K -&gt; (to a wallet address) 139PoPE1bKQam8QJjhVjYDP47f3VH7ybVu.”
According to data from onchain analytics platform Arkham Intelligence, while the initial 1,300 BTC were sent to centralized exchanges, the remaining 1,700 BTC were moved to a separate cryptocurrency wallet.
Over the last two weeks, the German government has transferred more than 3,000 BTC to various exchanges.
These significant transfers, alongside ongoing movements from the United States government and the approaching Mt. Gox repayments, pose a potential increase in selling pressure on Bitcoin.
Since February 2024, the wallet labeled as the German government’s has held 50,000 BTC, gradually transferring a significant portion of its holdings over the past few months.
READ MORE; <a href="https://www.cryptointelligence.co.uk/redstone-oracles-secures-15-million-in-series-a-funding-to-expand-gas-optimized-blockchain-oracle-solutions/" data-wpel-link="internal" rel="noopener noreferrer nofollow">RedStone Oracles Secures $15 Million in Series A Funding to Expand Gas-Optimized Blockchain Oracle Solutions</a>
Governments, including Germany, have confiscated Bitcoin and other digital assets linked to criminal activities and periodically auction off these seized assets.
In a notable precedent, the United States government has sold a large portion of Bitcoin seized from the notorious dark web marketplace Silk Road.
In 2014, Tim Draper, an American entrepreneur and Bitcoin advocate, purchased 29,656 BTC from the Silk Road seizure in an auction conducted by U.S. marshals.
These ongoing transactions highlight the continued involvement of government entities in the cryptocurrency market and their efforts to manage and liquidate seized digital assets.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

German Government Moves $172 Million in Bitcoin to Exchanges and Wallets

Crypto Intelligence

Other articles published on Jul 6, 2024

VeChain Blockchain Revolution: VebetterDAO, Charge2Earn, Thorchain, Vetonsberg, and VORJ Driving ...

Peter Schiff Slams Bitcoin Bulls, Mocks Institutional Demand

Shiba Inu (SHIB) Hits Key Support Amid Declining Whale Activity

Bitcoin Worth Over $1 Billion Transferred to Exchanges: Unraveling the Mystery

Dogwifhat: How High Can WIF Price Trade in July?

400M DOGE Transfer Sparks Market Attention Amid Downtrend: Key Levels to Watch

Join our free newsletter for daily crypto updates!